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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater importance on amenities and the places to be, which is driving them away from lavish new constructions to more collaborative space; this trend is also apparent in retrofitting existing buildings to enable companies to use them in a variety of ways that are looking to reduce or move into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace companies like WeWork and Regus as well as the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to other talent pools within different industries. In addition, the 1871 incubator has been ranked as the best incubators in the world.
Chicago is one of the three top manufacturing city in the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods across the nation or globe. Furthermore, technology in this industry is rapidly increasing so Chicago has many incubators like mHub.
Transportation and logistics remain key economic drivers in the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago is home to a broad shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways, and rail yards as well as robust intermodal facilities providing access to the whole US logistics chain.
Chicago remains well positioned for a long-term economic success with the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce through handling bulk and container products.
Tourism in the Chicago region is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of this summer due to several important events, including NASCAR events, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile and real estate professionals are able to assist buyers in understanding these complexities and make sure informed decisions are being taken by buyers.
